Suffredin- For a Better Cook County  
 

Accountability
Forest Preserves
Public Safety
Cook County Budget
Forest Pres. Budget
Property Tax Appeal
Health & Hospitals
Land Bank Authority
Policy Resolutions
Unsung Heroine

 

   
 
   
   
 
   
     
  Office phone numbers:  
   
 
 

The Cook County Code of Ordinances are the current laws of Cook County.

   
 

Search current and proposed Cook County Legislation in Larry's exclusive legislative library.

   
  The Cook County Law Library is the second largest County law library in the nation.
   
     
     
     



Another day, another credit rating downgrade

Thursday, August 29, 2013
Crain's Chicago Business
by Paul Merrion

Citing the state's "legislative paralysis" on pension reform, the credit rating of Cook County Forest Preserve District was lowered two notches Thursday, with a negative outlook.

The district's credit rating now stands at A1, same as Cook County, which Moody's Investors Service noted is governed by the same commissioners who oversee the Forest Preserve District. An A1 rating is four notches below Aaa, Moody's highest possible rating.

The Wall Street credit rating agency said the downgrade reflects growing pension liabilities as contributions by employees and the district fall short of the required amount to pay future benefits.

Since early June, Moody's has lowered the credit rating of the Metropolitan Water Reclamation District of Chicago; Cook County; the City of Chicago; state universities; and the state of Illinois.

The Forest Preserve District's pension plan reported an unfunded liability of $100.6 million eight months ago, but Moody's said that using more conservative assumptions about interest rates and investment returns would put the pension liability at $244.8 million last year.

"The Forest Preserve District of Cook County, like other agencies, is a product of our local environment," Mark Thomas, the district's chief financial officer, said in a statement. "Every local taxing body is being affected by the pension crisis and the inability to act without state legislation — we are the latest casualty of the state's inaction."

"While we appreciate Moody's careful consideration of our financial position, we disagree with their decision to downgrade our rating to A1 from Aa2," he continued. "We believe that this double downgrade does not convey a complete understanding of the relationship between the Forest Preserve District and Cook County. It's also important to note that Moody's had strong praise for the Forest Preserves, citing our healthy financial operations, sound reserve levels, strong fiscal management, low debt burden and retained financial and operating flexibility.

"Nevertheless, Forest Preserve District and Cook County Board President Toni Preckwinkle continues to urge the pension conference committee to work swiftly to address the state's pension systems so the General Assembly can turn its attention to local funds like the Forest Preserves that are in need of comprehensive pension reform."

The rating change affects about $188 million of the Forest Preserve District's general obligation debt.



Recent Headlines

Cook County General Hospital's $90-Million Redevelopment Saves a Chicago Icon
Tuesday, March 19, 2019
Engineering News Rec ord

Illinois Land Title Association Granted Summary Judgment in Case against Cook County Recorder of Deeds
Sunday, March 17, 2019
Illinois State Bar Association

Grand Jury Indicts Debt Collector of Bribing Cook County Clerk Dorothy Brown
Friday, March 15, 2019
WBBM Chicago

Indictment: Cook County's hired debt collector charged with bribing county officials to secure county contract
Friday, March 15, 2019
Cook County record

Karen Chavers Honored as 2019 Unsung Heroine
Thursday, March 14, 2019
Special to suffredin.org

Pappas to announce deadline for Cook County property owners to pay late taxes
Wednesday, March 13, 2019
Chicago Sun-Times

Courts Cause Confusion For Woman Trying To Resolve Her Case
Wednesday, March 13, 2019
CBS Chicago

Census changes raise fears of Illinois undercounting
Monday, March 11, 2019
Chicago Sun-Times

Cook County Sheriff Warns of Apple Phone Scam
Monday, March 11, 2019
WTTW News

Caller poses as Apple to get victims personal info in scam targeting Cook County residents
Monday, March 11, 2019
WGN Chicago

Should Young Adults Be Sent To Juvenile Courts?
Sunday, March 10, 2019
NPR Radio

Cook County Jail hires 2nd consecutive mental health professional as warden
Wednesday, March 06, 2019
Chicago Sun-Times

Lawsuit: Sheriff jailed dozens because of faulty electronic monitoring devices
Monday, March 04, 2019
Chicago Sun-Times

Woman dies while in custody at Cook County Jail
Sunday, March 03, 2019
Fox 32

City considers landmarking old Cook County Hospital
Friday, March 01, 2019
Gazette Chicago

Judge: State constitution doesn't force Cook County to spend $250M more on roads, transport projects
Thursday, February 28, 2019
Cook County Rrecord

City Club of Chicago: Cook County Housing Authority Executive Director Richard Monocchio
Thursday, February 28, 2019
WGN Chicago

Illinois hospitals seek reform of Medicaid managed care system
Wednesday, February 27, 2019
Effingham Daily News

Cook County Juvenile Court Clinic’s Annual Report
Wednesday, February 27, 2019
Special to suffredin.org

Glenview open house a 'one stop service' for new, existing residents to learn about town offerings
Wednesday, February 27, 2019
Glenview Announcements

all news items

Paid for by Larry Suffredin and not at taxpayer expense. A Haymarket Production.
^ TOP